By Gloria James-Civetta

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Singapore Companies Act

2 min read

Besides providing guidelines for the incorporation and management of companies, the Singapore Companies Act also contains penal provisions. Rather than ploughing through a rather lengthy and convoluted statute, let the lawyers at Gloria James-Civetta summarize the relevant provisions for you!

Offence Criminal Liability
Section 156(1)
A director’s failure to disclose a conflicting transaction to the board.
Section 156(10)
Fine not exceeding $5,000 or imprisonment for a term not exceeding 12 months.
Section 156(5)
A director’s failure to disclose potential conflicts arising from holding other offices or possessing property.
Section 156(10)
Fine not exceeding $5,000 or imprisonment for a term not exceeding 12 months.
Section 157(1)
A director’s failure to act honestly and to exercise reasonable diligence.
Section 157(3)
Fine not exceeding $5,000 or imprisonment for a term not exceeding 12 months.
Section 162
When a company (other than an exempt private company) makes a loan to their director (or the directors of their related company) which is not permitted.
Section 162(4)
Fine not exceeding $20,000 or imprisonment for a term not exceeding 2 years.
Section 163
A company (other than an exempt private company) makes a loan or enters into any guarantee or provide any security in connection with a loan made to another company by a person other than the first-mentioned company, if a director or directors of the first-mentioned company is or together are interested in 20% or more of the total number of equity shares in the other company (excluding treasury shares).
Section 163(7)
Fine not exceeding $20,000 or imprisonment for a term not exceeding 2 years.
Section 339(3)
An officer knowingly incurs debts where there is no reasonable expectation of repayment.
Section 339(3)
Fine not exceeding $2,000 or imprisonment for a term not exceeding 3 months.
Section 340(1)
Any person who was knowingly a party to the carrying on of any business of the company with intent to defraud creditors of the company or creditors of any other person or for any fraudulent purpose.
Section 340(5)
Fine not exceeding $15,000 or imprisonment for a term not exceeding 7 years, or both.
Need help?

Want to know how to fulfil your statutory duties and to avoid criminal liability? It is recommended that you seek advice from a Criminal Law Specialist in Singapore.

Are you facing potential charges? The trial process is often a mentally draining and challenging experience. You should seek a criminal defence lawyer to help you to present your case to the court in the best way possible. Not having a defence lawyer will put you at a great disadvantage.

What can we do for you?

Should you have any questions or would like more information, please contact our criminal representation lawyers at 6337 0469 or email us at consult@gjclaw.com.sg

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